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The Indiana Economic Development Corporation will commit $1 billion in tax credits over 10 years toward jobs in agriculture and life sciences.
The commitment is the first of its kind targeting specific industries following an executive order from Braun last year directing Indiana’s 15 economic regions to submit formal growth plans to boost economies, per capita income and educational attainment.
“Indiana is the leader in life sciences,” Braun said. “We are the premier destination for human therapeutics, animal health, agri-tech, biotechnology and environmental innovation.”
He designated the Central Indiana Regional Development Authority, or CIRDA, as the first regional steward to coordinate and execute the initiative. The region is already home to global companies like Eli Lilly, Elanco Animal Health and Corteva Agriscience.
“Indiana will be an epicenter for reshoring and expansion in this area,” Braun said.
The regional initiative is an outgrowth of the earlier Regional Economic Acceleration and Development Initiative, or READI, which focused on quality of place projects.
“The governor recognized that the state is not one economy, but a series of regional economies,” Commerce Secretary David Adams said.
Adams toured the 15 regions last year to see how well the counties and cities were aligned economically.
“I asked each of the regions to identify your strategy, focus on the industries that are core strengths to your economy,” he said.
Central region first up
CIRDA is the first region to come forward with a growth strategy, which ties together the region’s human, animal and plant health sectors.
“Central Indiana is a unique ecosystem — we have the ability to discover it, we have the ability to make it, we have the ability to move it, and we also have the ability to apply it or heal it around health care,” Fishers Mayor Scott Fadness said.
Conditional tax credits awarded through the initiative can only support jobs that pay at least 125% of the county median wage, Adams said.
The $1 billion commitment accounts for about one-third of the IEDC’s available tax credits, Adams said.
Braun explained the initiative’s focus on agriculture and life sciences, citing the industry’s high wages.
“It’s a growth industry. Other states are trying to corner that market,” he said.
University presidents and industry executives attended Tuesday’s event and praised the initiative.
“The life sciences sector in Indiana is an important driver of economic success, creating jobs and opportunities for Hoosiers while delivering innovative health solutions,” Stephen Ferguson, chairperson of the Cook Group, said in a statement.
“This announcement by Gov. Braun will position the state to capitalize on our strengths and facilitate more growth for future years to come.”
Vanessa Green Sinders, president and CEO of the Indiana Chamber of Commerce, said “Indiana’s continued prosperity depends on creating an environment in which employers can grow and people can build careers.
“Gov. Braun recognizes this, and the state’s new investment in agriculture and life sciences advances a clear signal that Indiana is serious about competing for–and winning–the race for talent attraction and the next generation of private-sector growth.
